Seattle Real Estate Market Recap – April 2019

Seattle Real Estate Market Recap – April 2019


– Hello Seattle, this is Christy Kinnaird with Seattle Living Spaces, coming to you with your
monthly market watch update, and boy do I have an update for you. It is April 2019, and let’s talk about it. All right, whoa, brace yourselves kids. I have good news and I have other news, and none of it should freak you out. So let’s start with single family houses, because that is how we roll. Single family houses
in the city of Seattle, for the month of April, median sales price was
$745,000, and guess what? Median sales price last month, the month before that I
mean, was also $745,000. And the median sales price last year, because we always compare right now versus last month, versus
this same month last year, because that way we get a nice kind of narrow picture,
medium picture, big picture. Well, 2018 as you know,
was peakity peak peak peak, and for single family
houses, the prices peaked, at this time last year, at $802,000. So we’re prices are down
still, year over year, and we’re holding steady month over month. And I’m not mad at that one. We took a nice, sharp,
swift correction move because prices were
absolutely unaffordable. They’re still unaffordable,
but they’re not as unaffordable, and it’s a good thing, especially because they took a correction, and then we’ve been doing this little up, little down,
little level level, little so and so, at least for houses here in Seattle. And more good news, we were on the market for just 22 days, which
is significantly less days than last month, which was 30. And last year we were
at 11, but this 22 days, I’m actually seeing the offer review date come back for some single family houses, which is a sign that we’re
getting multiple offers, which is a sign that the
market is heating up, which is a sign that our buyers still love great new listings that
are appropriately priced and well maintained. Tip for you sellers, price
it right and make it pretty. You’ll still sell, and
you’ll still sell quickly. Speaking of, we have
1.5 months of inventory, so even though the total number of available homes for sale is much higher than it was in like, say, December, we have a much fewer supply when you factor in the demand. Last month, we had more
supply at 1.9 months, and last year, when it was bananas, we’re normally at peak
prices, we had .7 months, less than one month’s supply of inventory. Homes for the first time
since August of last year are selling for over list price, 101%. Again, that is the shorter days on market. That’s the return of
the offer review date. That’s multiple offer situations, right? So, buyers, brace yourself. If you’re buying a house, it’s gettin’ a little bit
competitive again out there, although we still have
way more favorable prices, and we still have great interest rates. All right, last month we
sold for 100% of list price, and last year we sold
for 107% of list price. Okay, gray hairs, who knows? I dye my hair. Okay, anyway, and we had 1,127 homes for sale in the city of Seattle over the month, which is more than the 956 that we had the month before, and more than double the 518 that we had for
sale this time last year when we were at, again, peak frenzy. And this is the greatest sign of all. We sold 756 houses in April, versus 502 in March, and versus 703 this time last year. So because we are selling
for higher than list price, because we have strong sales numbers, and because we still have far less than four to six months of inventory, we’re still in a robust market and I love that we are in a robust market, which means people are still
able to sell their homes, but we are maintaining our prices. I love everything about what’s going on with the house market this month. And now, take a breath,
move over to condos. ‘Cause what’s goin’ in
condos is a different story. Our median sales price for condos in the city of Seattle was $745,000, mm-hmm, in April. In March, it was 489,000, and in 2018, it was 527,500. We are, and this wasn’t even peak prices for condos, ‘kay? We’re down 10% year over year in our prices for condos, which is crazy ’cause guess who bought a condo in April of last year? Your favorite realtor, so my condo is technically, in theory, on paper, worth 10% less than it
was when I bought it. And you know, I’m not mad, ’cause it’s the darn coolest condo I have ever seen. All right, now we’re gonna
go into the good news. So the big, bad news is
prices are still going down. So I’m not sure that our price correction for condos is over yet. Our days on market are getting shorter. They’re at 36 days, which
last month they were 47 days, and last year they were 19 days. We have 2.9 months’ supply, so overall, we are seeing prices dropping. Remember, ladies and gentlemen, kiddos, boys and girls, a healthy market has four
to six months of supply. That means a market that does not heavily favor the buyer or the seller. We’re still less than two months, or at less than three months. We’re at 2.9 months, last
month we were at 2.8 months, and then last year we were at .9, ooh boy. All right, and condos were
selling for 99% of list price, which is the same as last month. And last year they were
selling for 105% of list price. So this less than list price situation is probably why we continue
to see softening prices. We had 608 condos available for sale versus 551 the month before, and 230 in 2018. There were no choices in 2018. It was terrible, it was terrible. It was terrible, if you wanted
to buy a condo last year it was the worst, and now it’s good. It’s not great yet, but it’s good. And we sold 207 condos, which
is up from 194 in March, which makes me happy, right? ‘Cause if we had prices softening, and we had months of inventory going up, and we were seeing
number of sales go down, then I get a little bit
worried about it all. I am actually a little, not worried but it’s definitely, I’m glad I’m not trying to sell the condo right now. We’re gonna put it that way, because it more favors the buyer now than it has in a long
time, although still, we’re not there, four months. So sellers, as long as you
reasonably price your condo, you’re still in a good spot. We sold 207, 194 last
month, 254 last year. So there’s your update. I am lovin’ the house market. If you’re a buyer, this is a great time to be in the condo market. And I love that Seattle is still, we’re still selling houses in a reasonable amount of time
for a reasonable price. So thanks for tuning in, and we’ll do this again next month.

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